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Oil Rises As US Imposes New Sanctions on Iran NISHAT JV | Page 4 STAKE SALE | Page 10 Hyundai set to MUFG Q3 net assemble cars profi t rises 17% To advertise here in Pakistan to $2.62bn Call: Saturday, February 4, 2017 Jumada I 7, 1438 AH NONFARM PAYROLLS UP : Page 12 US job growth GULF TIMES accelerates in January, BUSINESS but wages lag A M Best affirms Oil rises as US imposes QIIC rating with ‘stable’ outlook By Santhosh V Perumal agency said while the com- Business Reporter pany benefits from moderate new sanctions on Iran underwriting leverage, capital requirements are largely Reuters A M Best, an international insur- driven by asset risk relating to New York/London ance rating agency, has aff irmed the company’s concentrated Qatar Islamic Insurance Com- portfolio, which is weighted pany’s financial strength rating towards domestic equities and il prices jumped yesterday after at ‘B++ (Good)’ and long-term real estate assets. the United States imposed sanc- issuer credit rating at “bbb+” The policyholders’ fund is Otions on some Iranian individuals with “stable” outlook. “suff iciently” capitalised on a and entities, days after the White House The ratings reflect the insurer’s standalone basis, supported by put Tehran “on notice” over a ballistic track record of excellent operat- QR110mn of retained surplus as missile test. ing performance, adequate com- on September 30, 2016. Front month US West Texas Intermedi- bined risk-adjusted capitalisation QIIC has a track record of strong ate crude futures climbed 24¢ to $53.78, (considering both shareholders’ operating and technical profit- after closing 34¢ down on Thursday, as of and policyholders’ funds), and ability, highlighted by a five-year 12:22pm ET (1722 GMT). The contract is niche business profile as a suc- average combined ratio of 80%. up nearly 1% on the week. cessful takaful provider in the During the first nine months of Brent crude futures were up 30¢ at Qatar insurance market. 2016, the company generated a $56.86 a barrel; it was on track for a more However, off setting rating fac- net profit of QR50mn. than 2% gain since Monday, its fi rst sig- tors include limited enterprise “There has generally been a nifi cant weekly rise this year. risk management and a high good balance of earnings be- Volume in US crude futures was rela- concentration of illiquid assets tween technical and investment tively low yesterday, with about 335,000 within its investment portfolio, income. Although the company contracts changing hands by 12:15pm, on it said. has sustained unrealised losses track to fall short of the 200-day moving This year, QIIC-led six-member on its equity portfolio over the average for 528,000 contracts. natural insurance consor- past five years, its five-year Analysts said the market is torn be- tium was handed down a big (2011-2015) average investment tween promised cuts from the Organisa- deal by Supreme Council for return (including gains and tion of the Petroleum Exporting Coun- Delivery and Legacy for capital losses) has been reasonable at tries (Opec) and fears over rising US shale expenditure works related to 5.5%,” A M Best said. oil production. the construction of tournament QIIC has a niche position in its “While the market is taking these ac- stadiums. Qatar Rail had in domestic insurance market as tions in stride so far as unlikely to result 2014 awarded a similar deal to a provider of Shariah-compliant in a larger military confl ict that would put another consortium in which products, and a strong reputa- Gulf crude oil supplies at risk, the odds of QIIC was also a member. tion that is somewhat attribut- that scenario are certainly higher than a QIIC adopts a combined takaful able to the company’s track week ago,” wrote Timothy Evans, energy model, whereby the sharehold- record of distributing surpluses analyst at Citi Futures in New York. ers’ fund charges the policy- back to policyholders. Trump had warned on Twitter that holders’ fund a ‘Wakala’ fee on QIIC’s gross written premium “Iran is playing with fi re” after its missile gross written premiums and a grew 2.5% to QR225mn during test. ‘Muderaba’ fee on investment the first three quarters of 2016, “The ‘trumperament’ of the new US income. in comparison to the same president is being tested by Iran and soon The insurance company’s ability period in 2015. maybe also by Russia and China,” said Emissions rise from the Monroe Energy Trainer Refinery in Marcus Hook, Pennsylvania. Front month US West Texas Intermediate to accumulate surpluses within Its enterprise risk manage- Olivier Jakob, managing director of con- crude futures climbed 24¢ to $53.78 as of 12:22pm ET (1722 GMT). The contract is up nearly 1% on the week. Brent crude futures were the policyholders’ fund whilst ment is developing, and whilst sultancy PetroMatrix.” And that is adding up 30¢ at $56.86 a barrel; it was on track for a more than 2% gain since Monday, its first significant weekly rise this year. regularly distributing surplus the company’s track record of some geopolitical support to crude oil.” back to policyholders “supports technical profitability illustrates Meanwhile, oil majors and trading The widening diff erential for Middle in December, its second increase in a row, lacklustre demand for the fuel. Crude the sustainability” of the takaful good underwriting controls, in- houses are set to ship an unprecedented East benchmark Dubai over US crude also according to US Bureau of Labor Statistics prices have since more than doubled from model, it said. vestment decisions are made at volume of US crude oil to Asia in com- opened the arbitrage to the Far East. (BLS) data. their February low to around $54 a bar- Although QIIC’s combined the board level, which has led to ing weeks, boosting already high fl ows to The US crude cargoes, which will in- The energy data was contained in a La- rel as the Opec and non-Opec producers risk-adjusted capitalisation volatility in investment results, the region due to higher prices from Opec clude both light and heavy grades, will bour Department report that also said US agreed to reduce output during the fi rst remains “adequate”, the rating according to the rating agency. production cuts. reach China, Japan and Singapore, ac- nonfarm payrolls increased by 227,000 half of 2017 in an eff ort to stem the over- Traders have estimated that some cording to four trading sources and Reu- jobs last month, the largest gain in four supply. 700,000 to 900,000 barrels per day is set ters shipping data. months, while the unemployment rate rose Analysts said US exploration and pro- to leave the United States in February, with Some exports are also headed to Europe one-tenth of a percentage point to 4.8%. duction (E&P) companies responded to the majority of the cargoes headed to Asia. and Latin America. The BLS only has support services jobs those higher prices by adding around 250 That volume would be the highest “It’s a good time to buy US crude be- data through December, while oil and gas oil rigs over the past eight months, with monthly level on record, according to the cause of the Opec cut, but our spot room extraction data is available through January. even more spending expected on drilling US Energy Information Administration, has limitations so we have to compare Energy fi rms cut more than 165,000 over the next year or two. helping reduce an US inventory glut that every cargo,” said an offi cial with a Japa- jobs over the past two years as they Analysts at US fi nancial services fi rm has pressured prices for two years. nese refi ner, who declined to be named slashed the number of rigs drilling for oil Cowen & Co said this week in a note that The fl ood could create a supply surplus due to company policy. from a peak of 1,609 in October 2014 to a capital expenditure tracking showed 31 in Asia, possibly pushing prices for re- US oil and natural gas producers added six-year low of 316 in May, according to exploration and production (E&P) com- gional grades lower, traders said, as local jobs in December and January as drillers statistics from Labor and energy logistics panies planned to increase spending by an refi ners are ill-equipped to process that continued to return to the well pad with fi rm Baker Hughes. average of 36% in 2017 over 2016. fl ow. crude prices holding near 18 month highs, Those cuts came during the biggest That expected spending increase in The ratings reflect the insurer’s track record of excellent The economics recently became fa- according to US jobs data yesterday. price rout in a generation, in which US 2017 follows an estimated 45% decline operating performance, adequate combined risk-adjusted vourable after Brent’s premium over US Oil and gas extraction jobs increased by crude futures collapsed from over $107 a in 2016 and a 37% decline in 2015, Cowen capitalisation and niche business profile as a successful takaful crude widened to the most in nearly a 100 to 177,400 in January, while support barrel in June 2014 to around $26 in Feb- said according to the 65 E&P companies it provider in the Qatar insurance market. year. services jobs increased by 600 to 195,200 ruary 2016 due to a global oil glut and tracks. World business grows as it faces upcoming risks Global business activity started Asia to Europe to the United States in- from a government crackdown on cur- land sharply revised up its growth the eurozone, seen as a good guide to strong housing market and higher gov- 2017 on solid ground; political risks creasing or at least largely maintaining rency in circulation, the pace slowed.
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